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Gold Prices Plummet 15% Amid Iran War, Turkey's Selloff

3/29/2026

31 5 Full Breakdown

Summary

Story summary

Gold prices have fallen more than 15% since the start of the Iran war.
This drop challenges gold's status as a safe-haven asset.
Turkey has sold $8 billion in gold to stabilize its currency amid rising energy costs.
The selloff, alongside a broader market downturn, raises concerns that central banks may sell gold.
Analysts remain divided on gold's future, with some predicting volatility ahead.

History

Historical Context

In 1971, President Richard Nixon ended the gold standard, transitioning the U.S. dollar to a fiat currency. This shift followed years of economic strain, including inflation and trade deficits exacerbated by the Vietnam War. The move led to increased volatility in gold prices, culminating in a significant drop in value, as seen with Turkey's $8 billion gold selloff to stabilize its currency amid ongoing market challenges.

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Story summary

Gold prices have fallen more than 15% since the start of the Iran war.
This drop challenges gold's status as a safe-haven asset.
Turkey has sold $8 billion in gold to stabilize its currency amid rising energy costs.
The selloff, alongside a broader market downturn, raises concerns that central banks may sell gold.
Analysts remain divided on gold's future, with some predicting volatility ahead.

1 / 2